Question 1

Advances in supply chain management now allow companies to customize products to meet the needs of individual customers on a mass scale. This individualized approach to market segmentation is called:
A) individualization.
B) one-to-one marketing.
C) mass customization.
D) customized marketing.
E) permission marketing.

Accepted Answer

Mass customization is the process that allows companies to produce products and services to meet individual customer's needs with near mass production efficiency. This approach leverages advances in supply chain management and manufacturing technologies.

Question 2

A common tool ​used in permission marketing is the opt-in email approach.

Accepted Answer

Opt-in email marketing is a method where users voluntarily give their consent to receive emails, making it a cornerstone of permission marketing strategies.

Question 3

Firms that sell luxury products, custom-made products, and services often take the time to significantly modify their products in an effort to precisely match the needs of individual customers. These firms are pursuing what type of approach to market segmentation?
A) individualized marketing
B) niche marketing
C) pinpointed marketing
D) focused marketing
E) one-to-one marketing

Accepted Answer

One-to-one marketing involves tailoring products and services to the specific needs of individual customers.

Question 4

What is a big difference between the marketing of today versus marketing products 50 years ago?
A) ​Very few marketing strategies were developed and implemented 50 years ago.
B) ​Today's marketers can more precisely define and understand consumer needs.
C) Marketing programs are much less expensive today than they were 50 years ago.
D) ​Marketers of 50 years ago could not engage in market segmentation.
E) ​Marketing was more accepted in organizations 50 years ago than today.

Accepted Answer

Today's marketers have access to advanced data analytics, technology, and research methods that allow for a more precise understanding of consumer needs compared to 50 years ago.

Question 5

The two key issues for marketers during the purchase stage are product availability and form utility.

Accepted Answer

The two key issues for marketers during the purchase stage are product availability and post-purchase behavior. Form utility relates to the overall value offered by the product's design, features, and functionality, which is more relevant to the product development stage rather than the purchase stage specifically.

Question 6

The main advantage of __________ is specialization, as it allows the firm to focus its resources toward understanding and serving a single segment.
A) focused marketing
B) unidimensional marketing
C) mass marketing
D) multisegment marketing
E) market concentration

Accepted Answer

The answer of The main advantage of __________ is specialization,...

Question 7

Institutional markets buy raw materials for use in producing finished goods.

Accepted Answer

Institutional markets typically consist of organizations such as schools, hospitals, and government agencies that purchase goods and services for their own use, not for producing finished goods.

Question 8

From the viewpoint of the consumer buying process, what is the difference between a need and a want?
A) Needs are absolute necessities, whereas wants are discretionary.
B) Needs are related to specific products, whereas wants occur only when the consumer has the ability to purchase the product.
C) Needs are based on discrepancies between actual and desired satisfaction, whereas wants occur relative to specific products that can fulfill a need.
D) Needs focus on specific elements of a product's quality, whereas wants are related to the "extras" that add value to the product.
E) Needs and wants are essentially the same, except that consumers will pay more for products they need.

Accepted Answer

Needs are defined by the gap between a consumer's actual state and their desired state, while wants are the specific solutions consumers consider to fulfill these needs.

Question 9

__________ is/are the primary reason why the consumer buying process varies across customers, products, and situations.
A) Individual influences
B) Situational influences
C) The cost of the product
D) Social influences
E) The complexity of the purchase

Accepted Answer

The answer of __________ is/are the primary reason why the...

Question 10

Consumers are more likely to be impacted by social influences than are businesses.

Accepted Answer

Consumers often rely on social proof, recommendations, and trends in their purchasing decisions, making them more susceptible to social influences compared to businesses, which may base decisions more on cost, quality, and strategic fit.

Question 11

When your sister expresses her desire for a car, you know that her real need is transportation.

Accepted Answer

Understanding someone's desire for a car as a need for transportation is recognizing the underlying functional requirement behind the expressed want.

Question 12

Which of the following is ​a type of individualized segmentation?
A) ​Differentiated marketing
B) ​Niche marketing
C) ​Mass marketing
D) ​Permission marketing
E) ​Multisegment marketing

Accepted Answer

The answer of Which of the following is ​a type...

Question 13

The concept of reciprocity is a significant factor in the consumer buying decision process.​

Accepted Answer

The answer of The concept of reciprocity is a significant...

Question 14

Firms engage in __________ when their intimate knowledge and expertise in one market allows them to offer customized marketing programs that not only deliver needed products but also provide needed solutions to customers' problems.
A) single segment targeting
B) market specialization
C) selective targeting
D) product specialization
E) mass market targeting

Accepted Answer

Market specialization involves firms using their deep knowledge and expertise in a particular market to create tailored marketing programs that address specific customer needs and problems, rather than focusing on a single product or a wide range of markets.

Question 15

The evoked set is a key part of the purchase stage of the consumer buying decision process.

Accepted Answer

The evoked set is part of the information search and evaluation stage, where consumers consider a subset of brands or products they are aware of before making a purchase decision.

Question 16

Ethnography is a qualitative research technique designed to understand cultural phenomena such as communication, shared meanings, and personal interests.

Accepted Answer

Ethnography is indeed a qualitative research method focused on studying cultures and communities through direct observation, participant observation, and other immersive techniques to understand their communication patterns, shared meanings, beliefs, practices, and personal interests.

Question 17

Little ​Gym focuses on highly customized workout experiences for children between the ages of 4 months and 12 years. This is an example of niche marketing.

Accepted Answer

Niche marketing targets a specific segment of the market, and Little Gym's focus on customized workout experiences for children of a specific age range is an example of targeting a niche market.

Question 18

When the product's performance falls short of the customer's expectations, the customer experiences cognitive dissonance.​

Accepted Answer

Cognitive dissonance occurs when there is a conflict between beliefs, attitudes, or behaviors, not specifically when a product's performance falls short of expectations. When a product fails to meet expectations, it typically leads to customer dissatisfaction or disappointment, not cognitive dissonance.

Question 19

Firms focused on a single market segment use which of the following approaches? ​
A) ​multisegment approach
B) ​permission marketing approach
C) ​mass customization approach
D) ​homogenous marketing approach
E) ​market concentration approach

Accepted Answer

Firms focused on a single market segment use the market concentration approach. This strategy involves concentrating all marketing efforts on a single segment to achieve a strong market presence in that specific area.

Question 20

After enrolling in the MBA program at Minor State University, Sheri began having second thoughts. Although MSU seemed to be a good choice based on location, reputation, and price, Sheri was not convinced she had made the right choice. Sheri is suffering from:
A) too many opportunity costs.
B) dissatisfaction.
C) choice insufficiency.
D) cognitive dissonance.
E) poor product quality.

Accepted Answer

Sheri is experiencing cognitive dissonance, which occurs when there is a feeling of uncomfortable tension that comes from holding two conflicting thoughts in the mind at the same time. In this case, Sheri is conflicted between her decision to enroll in the MBA program (based on logical factors like location, reputation, and price) and her doubts about whether it was the right choice.

Quiz 5: Customers, Segmentation, and Target Marketing

Advances in supply chain management now allow companies to customize products to meet the needs of individual customers on a mass scale. This individualized approach to market segmentation is called:

A common tool used in permission marketing is the opt-in email approach.

Firms that sell luxury products, custom-made products, and services often take the time to significantly modify their products in an effort to precisely match the needs of individual customers. These firms are pursuing what type of approach to market segmentation?

What is a big difference between the marketing of today versus marketing products 50 years ago?

The two key issues for marketers during the purchase stage are product availability and form utility.

The main advantage of __________ is specialization, as it allows the firm to focus its resources toward understanding and serving a single segment.

Institutional markets buy raw materials for use in producing finished goods.

From the viewpoint of the consumer buying process, what is the difference between a need and a want?

__________ is/are the primary reason why the consumer buying process varies across customers, products, and situations.

Consumers are more likely to be impacted by social influences than are businesses.

When your sister expresses her desire for a car, you know that her real need is transportation.

Which of the following is a type of individualized segmentation?

The concept of reciprocity is a significant factor in the consumer buying decision process.

Firms engage in __________ when their intimate knowledge and expertise in one market allows them to offer customized marketing programs that not only deliver needed products but also provide needed solutions to customers' problems.

The evoked set is a key part of the purchase stage of the consumer buying decision process.

Ethnography is a qualitative research technique designed to understand cultural phenomena such as communication, shared meanings, and personal interests.

Little Gym focuses on highly customized workout experiences for children between the ages of 4 months and 12 years. This is an example of niche marketing.

When the product's performance falls short of the customer's expectations, the customer experiences cognitive dissonance.

Firms focused on a single market segment use which of the following approaches?

After enrolling in the MBA program at Minor State University, Sheri began having second thoughts. Although MSU seemed to be a good choice based on location, reputation, and price, Sheri was not convinced she had made the right choice. Sheri is suffering from:

Quiz 5: Customers, Segmentation, and Target Marketing

Advances in supply chain management now allow companies to customize products to meet the needs of individual customers on a mass scale. This individualized approach to market segmentation is called:

A common tool ​used in permission marketing is the opt-in email approach.

Firms that sell luxury products, custom-made products, and services often take the time to significantly modify their products in an effort to precisely match the needs of individual customers. These firms are pursuing what type of approach to market segmentation?

What is a big difference between the marketing of today versus marketing products 50 years ago?

The two key issues for marketers during the purchase stage are product availability and form utility.

The main advantage of __________ is specialization, as it allows the firm to focus its resources toward understanding and serving a single segment.

Institutional markets buy raw materials for use in producing finished goods.

From the viewpoint of the consumer buying process, what is the difference between a need and a want?

__________ is/are the primary reason why the consumer buying process varies across customers, products, and situations.

Consumers are more likely to be impacted by social influences than are businesses.

When your sister expresses her desire for a car, you know that her real need is transportation.

Which of the following is ​a type of individualized segmentation?

The concept of reciprocity is a significant factor in the consumer buying decision process.​

Firms engage in __________ when their intimate knowledge and expertise in one market allows them to offer customized marketing programs that not only deliver needed products but also provide needed solutions to customers' problems.

The evoked set is a key part of the purchase stage of the consumer buying decision process.

Ethnography is a qualitative research technique designed to understand cultural phenomena such as communication, shared meanings, and personal interests.

Little ​Gym focuses on highly customized workout experiences for children between the ages of 4 months and 12 years. This is an example of niche marketing.

When the product's performance falls short of the customer's expectations, the customer experiences cognitive dissonance.​

Firms focused on a single market segment use which of the following approaches? ​

After enrolling in the MBA program at Minor State University, Sheri began having second thoughts. Although MSU seemed to be a good choice based on location, reputation, and price, Sheri was not convinced she had made the right choice. Sheri is suffering from:

A common tool used in permission marketing is the opt-in email approach.

Which of the following is a type of individualized segmentation?

The concept of reciprocity is a significant factor in the consumer buying decision process.

Little Gym focuses on highly customized workout experiences for children between the ages of 4 months and 12 years. This is an example of niche marketing.

When the product's performance falls short of the customer's expectations, the customer experiences cognitive dissonance.

Firms focused on a single market segment use which of the following approaches?